Arguably the biggest and baddest startup competition, the Rice Business Plan competition, wrapped up this weekend, and it was big and good news for the University of Louisville-based Therabracelet team, which took home $101,500 from the competition.
Money flowed pretty freely this weekend, according to an article on xconomy business and tech blog.
How big do things get at Rice? The Mercury Group of investors surprised an Indian app-development tool company called Beta Glide by multiplying its announced grand investment by 10x. Instead of earning $100,000, Beta Glide was granted a cool million.
Therabracelet‘s $101,500 included a $100,000 Tech Transfer prize from the Mercury Fund and prize money from an elevator pitch contest. Nick Phelps, CFO, delivered the one-minute pitch, which you can watch here:
Therabracelet has licensed U of L medical school innovation to create a device that heightens touch sensation, movement and general motor skills in the hands. This wearable technology will help millions of stroke survivors and elderly regain enough sensation to perform basic tasks like buttoning a shirt or holding a pen.
Therabracelet was one of only 42 teams chosen to compete in the competition out of more than 1,200 applications. The team has been making the rounds of these competitions. Earlier this month they competed in Oregon and made it to the final four.
The rest of the Therabracelet team is: Matthew Raggard, chief executive officer; Kacie Neutz, chief operating officer; Leah Enders, chief scientific officer; and Alex Curry, chief engineer.
Therabracelet is scheduled to compete in this week’s Venture Sharks competition right here in Louisville.